Paytm app downloads plummet after RBI restrictions; BHIM UPI sees 49% surge

Following RBI's restrictions on Paytm Payments Bank, the Paytm app has witnessed a substantial decline in downloads. According to a report by Hindustan Times, Paytm app downloads have dropped by 55%, falling from 1,35,139 on February 1 to 60,627 on February 19.

In contrast, BHIM UPI app downloads surged by 49%, reaching 3,31,781 on February 19. as per data shared by Appfigures. Additionally, Google Pay experienced a 10.6% decrease in daily app downloads, while PhonePe reached a peak of over 5 lakh downloads on February 7.

One97 Communication stock has taken a beating on the exchanges this month after the Reserve Bank of India's (RBI) action against the company's arm PPBL.

As per the January 31 order, the RBI asked PPBL to stop further deposits, credit transactions, or top-ups in any customer accounts, prepaid instruments, wallets, FASTags, and National Common Mobility Cards, after February 29. Later, the central bank extended the deadline till March 15.

One97 Communications holds a 49 per cent stake in PPBL but classifies it as an associate of the company and not as a subsidiary.